Regulatory Alerts2003-10-21
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Pennsylvania Department of Banking Determination on Licensee Outsourcing of Mortgage Processing Functions
The Pennsylvania Department of Banking determined that a lender licensee may outsource prime mortgage processing functions to another licensed entity. The Department concluded that because the outsourcing company is licensed under the MBBCEPA and SMLA, its consumer-facing activities are permissible despite typically requiring licensure. The letter clarifies that such outsourcing is allowed provided the company holds the necessary licenses and adheres to applicable state and federal regulations.
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